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Oil prices to reach $75 a barrel

Oil prices to reach $75 a barrel
Opec Secretary-General Abdullah Al Badri says oil prices would recover in the second half of 2009 and are likely to reach $75 a barrel in early 2010.

Opec Secretary-General Abdullah Al Badri says oil prices would recover in the second half of 2009 and are likely to reach $75 a barrel in early 2010.

Opec Secretary-General Abdullah Al Badri says oil prices would recover in the second half of 2009 and are likely to reach $75 a barrel in early 2010.

Al Badri said he expects Opec countries to stand by supply cuts agreed upon at the meeting in Algeria, that aim to bring balance to an oversupplied market.

Oil Ministers of the Organisation of the Petroleum Exporting Countries announced their largest production cut at the December 17 meet, slashing 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.

"Some activists in the market believe that the Organisation will not comply with its decision. That is untrue. The Organisation is aware that there is a problem coming in 2009," said Badri.

"We think that all the problems have accumulated in the end of 2008 and will appear in 2009," he said.

www.TurkishMaritime.com.tr

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